MEPC has confirmed that a recently announced 138,000 sq ft speculative development scheme at its high-tech business estate Silverstone Park will be increased to 258,000 sq ft due to market demand.
The extra development will enable 13 industrial units, workshops and R&D facilities to be constructed – four more than the originally anticipated nine.
These units – six terraced; seven detached – will range from just over 6,000 sq ft to 40,000 sq ft in size.
The additional premises will also be designed to offer greater flexibility for occupiers, in terms of the range of unit sizes.
Full details of the development including individual unit specifications and downloadable brochures can be found on the Silverstone Park website.
Even with the increased development, the scheme is still scheduled for completion in summer 2020.
All 13 units will be in the Park’s Enterprise Zone which offers qualifying businesses five years of rates relief of up to £55,000 per annum.
“Supply of buildings of this type in tech/manufacturing has been reducing in the area – we are going to restore the supply that the market needs,” explained MEPC’s Roz Bird, Commercial Director at Silverstone Park.
“By offering large units to let, we’re enabling ambitious companies to grow and also freeing up smaller spaces for companies coming in behind them, with the same ambition but at an earlier stage in their business lifecycle.
“The whole scheme is in a prime location, in the southern tip of the estate, accessed from the Dadford Road using the roundabout opposite Silverstone Circuit’s Wing building and new five-star Hilton hotel.”
MEPC has recently invested in a fresh supply of utilities (gas, water, electricity, foul drainage) to the site meaning that once buildings have been constructed occupiers can ‘plug in and go’.
Roz said that feedback from the tech/manufacturing sectors, plus latest market research, had given MEPC the confidence to push ahead with almost 260,000 sq ft of speculative development at Silverstone Park.
The development follows the success of MEPC’s most recent speculative industrial scheme which attracted ten new advanced engineering companies to Silverstone Park in the last 24 months.
Roz added: “We have a really good level of interest in the types of buildings we can provide, so on that basis, we’ve decided to get on and build out all of the current reserved matters consent. We are 98% let on site and interest in the initial 138,000 sq ft speculative development is already strong, so the time is right to take it to the next level again.
“Ultimately we are capitalising on all the work we’ve done so far to make Silverstone Park the place to be.
“This is a combination of the knowledge we have of the great companies in the local area which are growing and need good, quality facilities that are fit for purpose and also helping some companies on our Park to grow, as well as attracting others from outside the area.
“We and our letting agents Carter Jonas and DTRE look forward to welcoming businesses and their staff to the Silverstone Park community and helping them to grow with us and benefit from our network of events and business opportunities.”